The global Fracking
Fluid and Chemicals Market is
anticipated to witness steady growth over the forecast period. These are
utilized in hydraulic fracturing for the recovery of oil and shale gas. This
stimulus is typically carried out once throughout the productive existence of a
well and it helps in eradicating gas and oil, thus improving well efficiency.
This factor is anticipated to drive the market growth over the forecast period.
Integral
components of fracking chemicals and fluids differ depending on the type of
fracturing, situations of wells, and condition of water in the field. A typal
fracture treatment uses around three to 12 chemical additives. This process is
initially employed to extract coalbed methane (CBM), unconventional liquids,
shale gas, tight gas, and other products which are hard to convalesce through
usual drilling processes.
Growth in
adoption of unconventional resources of gas and oil such as shale and CBM is
expected to drive market over the forecast period. Many recognized businesses
are using hydraulic fracturing for conventional gas and oil resources. Growing
concern among countries regarding safe energy resources is anticipated to
further impel market expansion. Requirement of fuel for industrial and domestic
consumption is expected to further boost market over the forecast period.
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The market
has acknowledged backward integration of companies into manufacturing of
fracking chemicals and fluids. Hydraulic fracturing enterprises have set up
different departments for the expansion of oilfield chemicals that produce
fluids and chemicals with the required properties. Demand from areas with
potential for unconventional gas reserve is expected to bode well for product
demand in near future.
Efforts for
energy sovereignty are expected to drive the market over the forecast period.
Various countries are eager to ascertain energy security. Hence, many
government bodies are adopting wide-ranging alternatives to natural gas. For
example, utilization of natural gas as fuel source for vehicles. Low price of
natural gas is also expected to drive the demand.
However,
widespread opposition owing to harmful impact of hydraulic fracturing on
environment is anticipated to hinder growth of the global market. Ecological
effects such as climate change, air pollution, rising risk of earthquakes,
higher water consumption, and water contamination are some of the biggest
challenges for the market. Various countries have laid down stern regulations
over utilization of hydraulic fracturing. This factor is also expected to
challenge market expansion to an extent.
Having said
that, the objective of these countries to accomplish energy security through
domestic gas production is expected bode well for market growth. Rising
concerns regarding the consumption of water in restricted supply regions and
other environmental hazards can be tackled by using foam-based fluids. This
alternative utilizes less water and could assist companies in addressing
concerns over ecological effects of fracturing.
North
America, Europe, Africa, Asia Pacific and Middle East are the major geographic
regions in the market. Augmented fracturing activities to boost extraction of
gas and oil from North American reserves is poised to drive regional market.
Asia Pacific is projected to register fastest growth over the forecast period
on account of rapid technological advancements and high demand for energy
resources.
Socioeconomic
and industrial growth in emerging economies is driving the fracking fluids
market in Asia-Pacific, Africa, and Latin America. Cross-linker, biocide,
corrosion inhibitor, gelling agent, adjusting agent, surfactant, friction
reducer, breaker, clay stabilizer, pH adjusting agent, and acids and scale
inhibitors are some of the prominent types of liquid bases used in the
industry. Fracking is performed on the basis of foam-, water-, and gelling
oil-based fluids.
Some of the
key players in the global fracking fluid and chemicals market are Akzo Nobel,
FTS International, Baker Hughes, Calfrac Well Services, Trican Well Services,
Clariant, BASF, Dow Chemical, Halliburton, Albemarle, Chevron Phillips
Chemical, Weatherford, Solvay and DuPont. Key companies are Baker Hughes,
Schlumberger, and Halliburton. All of these companies are integrating their
business processes to develop fracking fluids and chemicals. Hands-on knowledge
of top players in hydraulic fracturing gives them the advantage to produce the
most suitable materials.
The market
is highly fragmented on account of a vast number of industry players. However,
it is strengthened by the top three companies capturing the larger share of the
overall market. The fracking products are processed further by the hydraulic
fracturing service providers themselves through vertical integration or are
resourced from chemical manufacturers. The market is highly fragmented on
account of a vast number of industry players.
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